Grains

Grains and oilseeds: China on shopping spree

November 10, 2023 at 12:17 PM , Der AUDITOR
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BBRUSSELS. EU wheat imports have surged and El Niño spells trouble for Brazil’s corn output. China has embarked on a shopping spree for soybeans and Canada’s canola exports have approached a record.

EU wheat imports surge

Wheat has gained considerably as France and Black Sea countries won bids in Algeria’s tender over 550,000-580,000 mt. Prices ranged at USD 266/mt C&F. Another issue is that a cargo ship operating under a Liberian flag was hit by a rocket, possibly from Russia, in the Black Sea corridor on route to the port of Odesa. Rain is also impacting winter wheat sowing in France, which is lagging 10% behind the five-year average at 62%.

Although the supply glut from Russia is still adding pressure to the European market, which will be t

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